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mck-o-container--mobile-spacing mdc-u-grid mdc-u-grid-gutter-xxl"><div class="mdc-u-grid mdc-u-grid-col-1 mdc-u-grid-col-md-12 mdc-u-grid-gutter-xxl"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xxl BlogEntryContent_mck-c-blog-entry-content__authors-and-tags-wrapper__xvLOB"><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--display-column___X0HDD_2734c4f BlogEntryContent_mck-c-blog-entry-content__tag-container__b0iuz mdc-u-grid-gutter-xxs"><div class="BlogEntryContent_mck-c-blog-entry-content__tag-link__fxyON"><a data-component="mdc-c-link" href="/about-us/new-at-mckinsey-blog#/tag/sustainability" class="mdc-c-link-icon___SEKyg_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">Sustainability</span></a></div><div class="BlogEntryContent_mck-c-blog-entry-content__tag-link__fxyON"><a data-component="mdc-c-link" href="/about-us/new-at-mckinsey-blog#/tag/ai-and-analytics" class="mdc-c-link-icon___SEKyg_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">AI & Analytics</span></a></div></div></div><div class="mdc-o-content-body"><p><span class="BlogEntryContent_mck-c-blog-entry-content__display-date__vCR9M"><time dateTime="2024-11-01T00:00:00Z">November 1, 2024</time></span>Climate Week in New York City drew more than 100,000 leaders from the private and public sectors, NGOs, and experts from around the world. The meeting was the largest to date and featured 900 events, with McKinsey Sustainability playing a prominent role, hosting more than 20 gatherings.</p> <p>The key topics that were covered offer a preview of discussions that will continue at <a href="/capabilities/sustainability/how-we-help-clients/cop/overview">COP29</a> this November in Baku, Azerbaijan. </p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-disruptor1up mck-o-md-center mck-u-inline-module-border-top mck-u-inline-module-border-bottom mck-u-screen-only" data-layer-region="disruptor-1up"><div class="mdc-u-grid mdc-u-grid-gutter-md mdc-u-grid-col-lg-12 mdc-u-grid-col-md-12 "><div class="mdc-u-grid-col-lg-span-4 mdc-u-grid-col-md-span-5 Disruptor1Up_mck-c-disruptor1up__image___2Gc4"><picture data-component="mdc-c-picture"><img alt="McKinsey at COP29" src="/~/media/mckinsey/business%20functions/sustainability/how%20we%20help%20clients/cop/cop29/cop_29_thumb.jpg?cq=50&mh=145&car=16:9&cpy=Center" loading="lazy"/></picture></div><div class="mdc-u-grid-col-lg-span-8 mdc-u-grid-col-md-span-7"><header data-component="mdc-c-header" class="mdc-c-header"><div class="mdc-c-header__block___i1Lg-_2734c4f"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f"><div>Live from COP29</div></h3><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-7"><p><div>From November 11–22, McKinsey Sustainability will host a series of virtual events livestreamed from within the COP29 Green Zone.</div></p></div></div></header><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--display-column___X0HDD_2734c4f mck-c-disruptor1up__content Disruptor1Up_mck-c-disruptor1up__content--links__VV4lE mdc-u-grid-gutter-md"><a data-component="mdc-c-link" href="https://mckinsey.cventevents.com/event/0222cd01-f4cc-4f37-b8fe-fe32ae67b075/summary?RefId=cop&rt=RrQJ1iBSfEiqSK7N9VAGCw" class="mdc-c-link-cta___NBQVi_2734c4f" target="_blank"><span class="mdc-c-link__label___Pfqtd_2734c4f">View agenda and register</span><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mck-external-icon"></span></a></div></div></div></div> <h3>‘The driving force for everything we do is time’</h3> <p>Under the shadow of increasingly frequent extreme weather events, economic uncertainty, and uneven decarbonization progress, the unifying theme was the need to accelerate climate action.</p> <p>“When we talk about climate action, one variable which we cannot control, but is a driving force for everything we do, is time,” said Senior Partner <a href="/our-people/mark-patel">Mark Patel</a>, coleader of the firm’s Platform for Climate Technology. “We face the challenge of trying to make a transition in time. And while we can’t change time, there are other variables we can check, like scale, cost, and speed.” He noted that a dozen technologies could deliver 90 percent of the CO2 abatement needed to meet the world’s 2050 decarbonization goals. </p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-o-md-center Image_mck-c-image__fhx5v"><picture data-component="mdc-c-picture" class="Image_mck-c-image__img-container__JusDB"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/about%20us/mckinsey%20blog/preview%20to%20cop%2029/climateweek-inline-roundtable-1536x864.jpg?cq=50&mw=1180&cpy=Center"/><img alt="Climate Week roundtable" src="/~/media/mckinsey/about%20us/mckinsey%20blog/preview%20to%20cop%2029/climateweek-inline-roundtable-1536x864.jpg?cq=50&mw=767&cpy=Center" loading="lazy"/></picture><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-9 mdc-u-mt-3 Image_mck-c-image__description__nsDz3"><div>Meeting at Sustainability Week in NYC </div></div></div><div class="mck-u-sr-only">Climate Week roundtable</div></div> <p>“We need to move a lot faster to decarbonize and to scale the climate technologies that drive it,” Patel said. This will lower costs and make the technology more commercially viable, ultimately leading to wider adoption. And it can also boost the development of others, much like what happened with electric vehicles and batteries. While scaling is a monumental undertaking, many attendees were left with the message that it is possible.</p> <h3>Three lessons in scaling green tech</h3>  <p>Amazon’s Climate Pledge Hub, presented by McKinsey Sustainability, was a new, three-day event where industry leaders and hundreds of Climate Pledge signatories dug into the topics that are driving climate action. Panelists and McKinsey experts including Senior Partner <a href="https://www.mckinsey.com/our-people/rob-bland">Rob Bland</a> highlighted lessons in scaling low-carbon technologies: businesses need to invest capital across cycles; sustainable products need to function better overall than the conventional alternatives; and collaborations need to focus narrowly on a few key issues. Good storytelling about successes can also help.</p> <p>Leaders also discussed how artificial intelligence and cloud computing are changing the landscape. According to McKinsey research, cloud-powered AI could accelerate nearly half of <a href="/capabilities/mckinsey-digital/our-insights/cloud-powered-technologies-for-sustainability">1,200 decarbonization initiatives</a> analyzed across 20 sectors. Real-world examples included using a digital twin to prioritize the fleet vehicles to replace with electric vehicles and using machine learning to help optimize EV charging networks. At the same time, leaders discussed how surging adoption of digitalization and AI technologies has <a href="/industries/private-capital/our-insights/how-data-centers-and-the-energy-sector-can-sate-ais-hunger-for-power">amplified the demand for data centers and power across the United States</a>. </p> <h3>Investing for adaptation and resilience</h3> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-o-sm-right-span Image_mck-c-image__fhx5v"><picture data-component="mdc-c-picture" class="Image_mck-c-image__img-container__JusDB"><img alt="Sanjay Kalavar, Alexis Trittipo, Mekala Krishnan" src="/~/media/mckinsey/about%20us/mckinsey%20blog/preview%20to%20cop%2029/climateweek-inline-sanjay-alexis-mekala-1536x717.jpg?cq=50&mw=767&cpy=Center" loading="lazy"/></picture><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-9 mdc-u-mt-3 Image_mck-c-image__description__nsDz3"><div>From left to right: Senior Partner Sanjay Kalavar, and Partners Alexis Trittipo and Mekala Krishnan</div></div></div><div class="mck-u-sr-only">Sanjay Kalavar, Alexis Trittipo, Mekala Krishnan</div></div> <p>Hand-in-hand with decarbonization, it will also be critical to assess exposure to physical climate risks and prioritize climate adaptation and resilience where needed. Partners <a href="/our-people/alexis-trittipo">Alexis Trittipo</a> and <a href="/our-people/mekala-krishnan">Mekala Krishnan</a>, along with investors and leaders from the public and private sectors, discussed how to effectively implement adaptation solutions and the mobilization of resources to date. Some panelists described this as being “woefully” short. The discussions explored ways of spurring investment, including an integrated investment platform offering opportunities, integrating climate risks into traditional investment decisions, and utilizing a range of financial instruments, including project finance, venture funding, and beyond for adaptation.</p> <h3>On the agenda for COP29</h3> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-o-sm-left-span Image_mck-c-image__fhx5v"><picture data-component="mdc-c-picture" class="Image_mck-c-image__img-container__JusDB"><img alt="Aerial skyline of Baku, Azerbaijan - stock photo Aerial skyline of Baku, Azerbaijan" src="/~/media/mckinsey/about%20us/mckinsey%20blog/preview%20to%20cop%2029/climateweek-inline-baku-1496357225-1536x864.jpg?cq=50&mw=767&cpy=Center" loading="lazy"/></picture><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-9 mdc-u-mt-3 Image_mck-c-image__description__nsDz3"><div>COP29 will take place in Baku, Azerbaijan from November 11 to 22</div></div></div><div class="mck-u-sr-only">Aerial skyline of Baku, Azerbaijan - stock photo Aerial skyline of Baku, Azerbaijan</div></div> <p>The theme of climate financing will dominate the discussions at COP 29, where McKinsey experts will host a series of in-person and virtual events featuring business, government, and NGO leaders. Representatives will seek to define a new global climate finance goal to support developing countries in their climate actions post-2025.</p> <p>Climate financing is critical because the net-zero transition is expected to involve large amounts of capital investments. McKinsey estimates suggest that about $9.2 trillion per year would need to be spent on both high- and low-emissions technologies over the next three decades, a sharp increase from the $5.7 trillion allocated today. More importantly, this would be reallocated from about 75 percent spent today on high-emissions assets and 25 percent on low-emissions assets, to the exact opposite on average going forward. </p> <p>Other key themes will include the need to hyper-scale green businesses and practical insights on adapting to climate risks and building resilience. Mekala said she hoped the conversations that began during Climate Week would continue at COP, particularly those on adaptation. She pointed out: “We were not just talking about decarbonization, but also how we build resilient societies and economies and I hope that continues.”</p></div></div><aside class="mdc-u-grid-col-lg-start-11 mdc-u-grid-col-lg-span-2 BlogEntryContent_mck-c-blog-entry-content__side-bar__YsMpJ"><section class="RelatedBlogPosts_mck-c-related-blog-posts__GnKmg"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f mdc-u-ts-5">related</h3><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="white" data-module-category="" class="BlogItem_mck-c-blog-item__A6TBP BlogItem_mck-c-blog-item--transparent-bg__UXfdT mck-u-animation-slide-up"><a data-component="mdc-c-link" href="/about-us/new-at-mckinsey-blog/catalyst-zero-helping-decarbonize-businesses" class="mdc-c-link___lBbY1_2734c4f"><picture data-component="mdc-c-picture" class="BlogItem_mck-c-blog-item__picture__8xtXH"><style>.picture-catal-0 { aspect-ratio: 8/5 }</style><img alt="Catalyzing tech-powered change in the race to decarbonization" class="picture-catal-0" src="/~/media/mckinsey/about%20us/mckinsey%20blog/catalyst%20zero%20helping%20decarbonize%20businesses/catalystzero-hero-small-1828489802-1536x864.jpg?cq=50&mw=767&car=8:5&cpy=Center" loading="lazy"/></picture></a><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f BlogItem_mck-c-blog-item__text-container__WEEHk BlogItem_mck-c-blog-item__text-container--related__VjvZk"><h4 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-u-ts-6"><a data-component="mdc-c-link" href="/about-us/new-at-mckinsey-blog/catalyst-zero-helping-decarbonize-businesses" class="mdc-c-link-heading___Zggl8_2734c4f mdc-c-link___lBbY1_2734c4f">Catalyzing tech-powered change in the race to decarbonization</a></h4><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f">Catalyst Zero integrates two decades of McKinsey’s sustainability and industry expertise with leading-edge digital technology to deliver innovative decarbonization programs.</div></div></div><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="white" data-module-category="" class="BlogItem_mck-c-blog-item__A6TBP BlogItem_mck-c-blog-item--transparent-bg__UXfdT mck-u-animation-slide-up"><a data-component="mdc-c-link" href="/about-us/new-at-mckinsey-blog/new-mgi-research-on-the-energy-transition" class="mdc-c-link___lBbY1_2734c4f"><picture data-component="mdc-c-picture" class="BlogItem_mck-c-blog-item__picture__8xtXH"><style>.picture-mckin-0 { aspect-ratio: 8/5 }</style><img alt="McKinsey takes a hard look at the energy transition&rsquo;s hard stuff" class="picture-mckin-0" src="/~/media/mckinsey/about%20us/mckinsey%20blog/new%20research%20on%20the%20energy%20transition/mgi-energy-hero-small-1186090916-15436x864.jpg?cq=50&mw=767&car=8:5&cpy=Center" loading="lazy"/></picture></a><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f BlogItem_mck-c-blog-item__text-container__WEEHk BlogItem_mck-c-blog-item__text-container--related__VjvZk"><h4 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-u-ts-6"><a data-component="mdc-c-link" href="/about-us/new-at-mckinsey-blog/new-mgi-research-on-the-energy-transition" class="mdc-c-link-heading___Zggl8_2734c4f mdc-c-link___lBbY1_2734c4f">McKinsey takes a hard look at the energy transition’s hard stuff</a></h4><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f">New McKinsey Global Institute research finds that only 10 percent of the physical assets necessary for net zero have been deployed—and delivers a roadmap for navigating the way forward.</div></div></div></section></aside></div></div></div><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="lightest-grey" data-module-category="StandalonePromo" class="BlogPromo_mck-c-blog-promo__hSsYu BlogPromo_mck-c-blog-promo--full-width__pKXqL mck-u-animation-slide-up BlogEntryContent_mck-c-blog-entry-content__promobar___qKLu" data-layer-region="blog-one-click-module"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-lg"><div class="mck-o-container"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-lg mck-o-container--wrapped mck-o-container--mobile-spacing BlogPromo_mck-c-blog-promo__content__31yfC BlogPromo_mck-c-blog-promo__content--center__JdBp3"><div class="mdc-u-align-center"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-u-ts-3">Never miss a story</h3><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-7 BlogPromo_mck-c-blog-promo__description__bquDK">Stay updated about McKinsey news as it happens</div></div><div class="BlogPromo_mck-c-blog-promo__form-wrapper__bLL16"></div></div></div></div></div></div></div></div></main></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"locale":"en","dictionary":{},"sitecoreContext":{"route":{"name":"Preview to COP 29 An urgent call for accelerating decarbonization","displayName":"Preview to COP 29 An urgent call for accelerating decarbonization","fields":null,"databaseName":"web","deviceId":"fe5d7fdf-89c0-4d99-9aa3-b5fbd009c9f3","itemId":"7074163f-b56a-4282-92c9-202f394308e5","itemLanguage":"en","itemVersion":1,"layoutId":"ae753eb4-a035-40b4-83bf-4b4438df6742","templateId":"d929136a-019a-4786-8072-3e3a60b2f31c","templateName":"Blog Entry","placeholders":{"jss-main":[{"uid":"e18e4703-f541-45d8-89c1-d5d8407f1708","componentName":"BlogEntry","dataSource":"","fields":{"data":{"blogEntry":{"title":{"jsonValue":{"value":"Preview to COP29: An urgent call to accelerate decarbonization"}},"sEOTitle":{"value":""},"description":{"jsonValue":{"value":"Which themes will shape discussions at COP29? Climate financing, scaling green businesses, and building resilience."}},"sEODescription":{"value":""},"displayDate":{"jsonValue":{"value":"2024-11-01T00:00:00Z"}},"body":{"value":"\u003cp\u003eClimate Week in New York City drew more than 100,000 leaders from the private and public sectors, NGOs, and experts from around the world. The meeting was the largest to date and featured 900 events, with McKinsey Sustainability playing a prominent role, hosting more than 20 gatherings.\u003c/p\u003e\n\u003cp\u003eThe key topics that were covered offer a preview of discussions that will continue at \u003ca href=\"/capabilities/sustainability/how-we-help-clients/cop/overview\"\u003eCOP29\u003c/a\u003e\u0026nbsp;this November in Baku, Azerbaijan. \u003c/p\u003e\n[[disruptor1up cop29]]\n\u003ch3\u003e\u0026lsquo;The driving force for everything we do is time\u0026rsquo;\u003c/h3\u003e\n\u003cp\u003eUnder the shadow of increasingly frequent extreme weather events, economic uncertainty, and uneven decarbonization progress, the unifying theme was the need to accelerate climate action.\u003c/p\u003e\n\u003cp\u003e\u0026ldquo;When we talk about climate action, one variable which we cannot control, but is a driving force for everything we do, is time,\u0026rdquo; said Senior Partner \u003ca href=\"/our-people/mark-patel\"\u003eMark Patel\u003c/a\u003e, coleader of the firm\u0026rsquo;s Platform for Climate Technology. \u0026ldquo;We face the challenge of trying to make a transition in time. And while we can\u0026rsquo;t change time, there are other variables we can check, like scale, cost, and speed.\u0026rdquo; He noted that a dozen technologies could deliver 90 percent of the CO2 abatement needed to meet the world\u0026rsquo;s 2050 decarbonization goals. \u003c/p\u003e\n[[image roundtable]]\n\u003cp\u003e\u0026ldquo;We need to move a lot faster to decarbonize and to scale the climate technologies that drive it,\u0026rdquo; Patel said. This will lower costs and make the technology more commercially viable, ultimately leading to wider adoption. And it can also boost the development of others, much like what happened with electric vehicles and batteries. While scaling is a monumental undertaking, many attendees were left with the message that it is possible.\u003c/p\u003e\n\u003ch3\u003eThree lessons in scaling green tech\u003c/h3\u003e\n[[video 1]]\n\u003cp\u003eAmazon\u0026rsquo;s Climate Pledge Hub, presented by McKinsey Sustainability, was a new, three-day event where industry leaders and hundreds of Climate Pledge signatories dug into the topics that are driving climate action. Panelists and McKinsey experts including Senior Partner \u003ca href=\"https://www.mckinsey.com/our-people/rob-bland\"\u003eRob Bland\u003c/a\u003e highlighted lessons in scaling low-carbon technologies: businesses need to invest capital across cycles; sustainable products need to function better overall than the conventional alternatives; and collaborations need to focus narrowly on a few key issues. Good storytelling about successes can also help.\u003c/p\u003e\n\u003cp\u003eLeaders also discussed how artificial intelligence and cloud computing are changing the landscape. According to McKinsey research, cloud-powered AI could accelerate nearly half of \u003ca href=\"/capabilities/mckinsey-digital/our-insights/cloud-powered-technologies-for-sustainability\"\u003e1,200 decarbonization initiatives\u003c/a\u003e analyzed across 20 sectors. Real-world examples included using a digital twin to prioritize the fleet vehicles to replace with electric vehicles and using machine learning to help optimize EV charging networks. At the same time, leaders discussed how surging adoption of digitalization and AI technologies has \u003ca href=\"/industries/private-capital/our-insights/how-data-centers-and-the-energy-sector-can-sate-ais-hunger-for-power\"\u003eamplified the demand for data centers and power across the United States\u003c/a\u003e. \u003c/p\u003e\n\u003ch3\u003eInvesting for adaptation and resilience\u003c/h3\u003e\n[[image 3]]\n\u003cp\u003eHand-in-hand with decarbonization, it will also be critical to assess exposure to physical climate risks and prioritize climate adaptation and resilience where needed. Partners \u003ca href=\"/our-people/alexis-trittipo\"\u003eAlexis Trittipo\u003c/a\u003e\u0026nbsp;and \u003ca href=\"/our-people/mekala-krishnan\"\u003eMekala Krishnan\u003c/a\u003e, along with investors and leaders from the public and private sectors, discussed how to effectively implement adaptation solutions and the mobilization of resources to date. Some panelists described this as being \u0026ldquo;woefully\u0026rdquo; short. The discussions explored ways of spurring investment, including an integrated investment platform offering opportunities, integrating climate risks into traditional investment decisions, and utilizing a range of financial instruments, including project finance, venture funding, and beyond for adaptation.\u003c/p\u003e\n\u003ch3\u003eOn the agenda for COP29\u003c/h3\u003e\n[[image Baku]]\n\u003cp\u003eThe theme of climate financing will dominate the discussions at COP 29, where McKinsey experts will host a series of in-person and virtual events featuring business, government, and NGO leaders. Representatives will seek to define a new global climate finance goal to support developing countries in their climate actions post-2025.\u003c/p\u003e\n\u003cp\u003eClimate financing is critical because the net-zero transition is expected to involve large amounts of capital investments. McKinsey estimates suggest that about $9.2 trillion per year would need to be spent on both high- and low-emissions technologies over the next three decades, a sharp increase from the $5.7 trillion allocated today. More importantly, this would be reallocated from about 75 percent spent today on high-emissions assets and 25 percent on low-emissions assets, to the exact opposite on average going forward.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eOther key themes will include the need to hyper-scale green businesses and practical insights on adapting to climate risks and building resilience. Mekala said she hoped the conversations that began during Climate Week would continue at COP, particularly those on adaptation. 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